Press spotlights Finance Minister’s report of outcomes of IMF bailout, others

APA – Accra (Ghana)
The report by the Minister of Finance, Ken Ofori-Atta that approval of the International Monetary Fund (IMF) programme has started yielding positive outcomes and called on all Ghanaians to put their shoulders to the wheel to implement far-reaching reforms is one of the leading stories in the Ghanaian press on Monday.
The Graphic reports that the approval of the International Monetary Fund (IMF) programme has started yielding positive outcomes, the Minister of Finance, Ken Ofori-Atta, has stated and called on all Ghanaians to put their shoulders to the wheel to implement far-reaching reforms.
He cited the positive outcomes to include decreases in the rate of inflation and treasury bills, improvements in foreign reserve and current account positions, but stressed that “the real work of adjustments, re-alignments and the return to a path of steady economic growth has just begun”.
“Let us brace ourselves for the needed reforms, especially in expenditure control, non-arrears accumulation, revenue growth, ECG collections and Energy Sector reforms, in order to rebuild the walls of the republic with urgency, ”Mr Ofori-Atta added.
The Finance Minister said the reform programme, the Post COVID-19 Programme for Economic Growth (PC-PEG), now supported by the three-year Extended Credit Facility (ECF) arrangement with the IMF, was built on clear targets, strong policy and structural measures.
He pointed out that the programme was to promote a credible fiscal consolidation programme, anchored by strong domestic revenue mobilisation and high spending efficiency.
The newspaper says that the African Export-Import (Afrexim) Bank will hold its Annual Meetings in Accra, beginning tomorrow (June 18).
The five-day event is to foster discussions on trade and economic development and strengthen the relationship between the Afrexim Bank and its member countries.
The Annual Meetings are expected to bring together about 4,000 prominent leaders, policymakers, and stakeholders from across Africa and beyond.
President Nana Addo Dankwa Akufo-Addo is expected to deliver a keynote address on Monday, at the conference which will also be attended by an array of personalities including Heads of State and Government, heads of regional bodies, ministers of state, eminent African leaders, business people and academics.
The bank, established in 1993, has played a pivotal role in promoting intra-African trade and supporting economic growth on the continent.
Over the years, it has evolved into a leading financial institution, facilitating trade and providing financial solutions to African businesses.
The bank exists to promote and finance the diversification and development of African trade, particularly by enhancing the export capabilities of African countries.
Ahead of the meeting, the Minister of Finance, Ken Ofori-Atta, has welcomed delegates who have begun arriving in the country for the meeting which also marks a significant milestone for the bank
The Ghanaian Times reports that the Minister of Finance, Ken Ofori-Atta, has reiterated government’s plans to prioritise the energy sector as part of a comprehensive host of structural reforms aimed at driving Ghana’s economic growth and development.
Addressing journalists in the first of a series of press conferences on Ghana’s International Monetary Fund (IMF) programme and Growth Agenda, Minister Ofori-Atta Ofori-Atta emphasised the crucial role of the energy sector and reaffirmed the government’s commitment to implementing necessary reforms to ensure its efficiency and sustainability.
“We are committed to addressing the challenges in the energy sector head-on. The comprehensive reforms outlined in the Energy Sector Recovery Plan are aimed at reducing losses and improving financial stability within the sector. Our goal is to create a sustainable and efficient energy sector that supports Ghana’s overall growth agenda,” he said.
With legacy debt reaching a staggering US$2 billion by the end of 2022, coupled with an estimated shortfall of US$5.9 billion between 2023 and 2025, the country’s energy sector has been in dire need of reforms to serve the over 30 billion Ghanaian population.
To tackle this energy sector problem, the minister said an updated Energy Sector Recovery Plan (ESRP) was being developed and was set to be approved by the end of June 2023 highlighting the incorporation of key reforms into the ESRP to alleviate the financial burden and foster sustainability.
As part of these reforms, he said government would operationalise a framework for granting energy sector subsidies, implementation of an inter-utility debt settlement framework on a quarterly basis starting from June 2023, and establish a mechanism to enforce the guidelines of the Cash Waterfall Mechanism (CWM) and Natural Gas Clearinghouse (NGC) by the end of June 2023.
He said these measures would contribute to reducing the esti¬mated financial shortfall by at least US$2.95 billion over the period from 2023 to 2025 by streamlining financial processes, enhance trans¬parency, and improve cash flow management within the sector.
Mr. Ofori-Atta explained that as the country continued to pursue its IMF programme and Growth Agenda, these energy sector reforms served as a crucial step toward achieving a sustainable and thriving energy sector that benefit the entire nation.
The newspaper says that the Minister of Roads and Highways, Kwasi Amoako-Attah, has said government was constructing 50 more bridges in farming communities, to facilitate socio-economic activities in the country.
He said the 50 Czech steel bridges with a total span of 1,500 metres, was secured through Messrs Knights A/S, with support from the Czech government to replace deteriorated bridges, “to open up communities which hitherto were cut off due to water crossing points.”
The Minister disclosed these when he led a delegation to the Czech Republic, at the invitation of Messrs Knights A/S, to discuss progress of work in Ghana by the company which was secured under a Czech export credit facility, and negotiated for an additional 100 of steel bridges.
As part of the three-day working visit to the Czech Republic, the Minister held bilateral meetings with officials of ČSOB Bank, EGAP(Czech Insurance company), Raiffeisen Bank, the Ministries of Foreign Affairs, Transport, Trade and Industry of the Czech Republic.
According to Mr Amoako-Attah, :“The bridges would help reduce travel time and make the movement of people from local communities more accessible, as well as remove traffic bottlenecks at river crossings and contribute to the growth of the agricultural sector.”
He indicated that of the 50 bridges, 34 were 90 per cent (substantial) complete while 10 were ready for use.
“Some of the substantially completed bridges, include those over the stream at Taifa-Dome in the Greater Accra Region, the Okurudu Stream at Kpormettey in the Central Region and another over the Birim River on Akim Mamponp-Adasawase road in the Eastern Region, one on the Kokoso-Bohyen Road in the Ashanti Region and another over the Kamba River on Sentu-Girigan-Kpari road in the Upper West Region,” Mr Amoako-Atta, said.
He explained that additional 100 bridges, when secured, would be fixed on feeder roads across the country, to help improve accessibility in farming communities and also replace some existing steel bridges that have deteriorated over the years.”
Mr Amoako-Attah eulogised the cordial relations between Ghana and the Czech Republic, dating back to 1959 and the role Czech investment has played in the economic development of Ghana.
GIK/APA